Statement of realization and liquidation, dividend to unsecured creditors without priority. A partially completed statement of realization and liquidation is as follows:

The Rodak Corporation
Statement of Realization and Liquidation
For the Period of July 1, 20X9, to August 12, 20X9











Beginning balances, assigned July 1, 20X9








Cash receipts: Sale of inventory




The following additional transactions have occurred through August 12, 20X9:

a. Receivables collected amount to $39,000. Receivables with a book value of $15,000 that were not allowed for were written off.

b. A $12,000 loan that was fully secured was paid off.

c. A valid claim is received from a leasing company seeking payment of $15,000 for equipment rentals.

d. Securities costing $18,000 are sold for $23,000, minus brokerage fee of $500.

e. Depreciation on machinery is $3,200.

f. Payments on accounts payable total $25,000, of which the entire amount was secured by the inventory sold.

g. Machinery that originally cost $85,000 and has a book value of $45,000 sold for $36,000.

h. Proceeds from the sale of machinery in (g) are remitted to the bank, which holds a $50,000 loan on the machinery.

  1. Update the statement of realization and liquidation to properly reflect transactions (a) through (h).
  2. Assuming the remaining noncash assets can be realized for $410,000, determine the estimated dividend to be received by unsecured creditors without priority.
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